Tom Brown financial losses widen

CBS.MarketWatch.com

MIDLAND, Texas (CBS.MW) -- Tom Brown Inc. said Tuesday its losses widened in the first quarter, but the energy company's results were better than expected as natural gas production increased more than 10 percent.

Tom Brown Inc.
tmbr
reported a first-quarter loss of $2.97 million, or 10 cents a share, compared with a loss of $2.03 million, or 7 cents a share, during the same period in 1998. The average loss per share estimate of analysts surveyed by First Call was 14 cents.

The Midland, Texas, company also said natural gas production increased 10.5 percent to 9.17 billion cubic feet from 8.3 billion cubic feet a year ago. Total oil and natural gas output rose 8 percent.

The increase in production was primarily due to a development drilling program in the Wind River Basin and better-than-expected results from the Val Verde Basin.

Total revenues fell to $31.5 million from $32 million in the first quarter of 1998.

Chairman Donald L. Evans said the recent rise in commodity prices should rapidly improve the environment for the oil and natural gas industry. "While the industry will proceed with caution, we are optimistic that this improving environment will be sustainable," he said in a press release.

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